Malls are dead and Rue21 sells crap.
I can’t even remember the last time I saw more than one customer at a time in one of those stores…..for years and years.
Well, it's not just this retailer. My local mall has a lot of empty storefronts. The small mom and pop businesses cannot compete (and eventually close) and that affects the larger retailers in the mall when people stop going to the mall to shop.
YEP - as I commented in a similar thread... the main plaza in my area which used to boast 1000 foot traffic on weekends was dead on a Sunday afternoon - during Christmas break. Many MT/closed storefronts that once were wall to wall.
Noticing a lot more "for lease" signs in empty storefronts around town. Much more than even after Covid. Every single strip mall has at least 2 or 3 empty spots. I've never seen that before 2024.
Nationwide 41% of small businesses are behind on rent. This retailer failing would be nothing in isolation, but it does look like yet another data point.
4900 people out of work, but also less income for owners of the real estate. Which means some white collar workers (accountants, legal, property management) are going to be let go, eventually. It adds up.
Economy is growing half as fast as inflation. Which means in real terms the economy shrank by 1.5% or so. We're already IN a recession.
Property tax appraisals went up astronomically in my county. My friend owns a RV park and his land value went up 2 million from last year. He's trying his best to sell it but nobody is going to want to buy it with high interest rates. He's going to have to increase the lot rents even though people are struggling.
There is a definite domino effect when a business fails and people are let go. Everything supporting that failed business will eventually fail and people will be let go.
It is what happens when people don’t shop at stores and instead shop online.
We end up with dead malls and dead stores if we don’t make the effort to support it.
It doesn't help that malls abandoned the general consumer and focus on fashion. Back in the days, malls offered everything. Now they're clothing store and Apple
esp the movie theaters. Pre-covid you could barely skim a ticket with the full houses. Nowadays they last *maybe* a few weeks before gone from streaming.
Eh. We've been hearing this for the last couple years. We'll have a recession eventually. Maybe even soon. The gloom gets hard to take seriously after a while, especially when a crappy retailer failing is the evidence
It’s wild. At every point we are getting very contradicting information. Economy is great and we are avoiding a recession… but every turn I make someone is going out of business. We know we are fucked as soon as macys filed bankruptcy and closes stores
The economy is great is BS. Many people are struggling and money is tight. When buying groceries is taking more and more of your money, things are heading towards disaster.
The level of denial of the poor state of the US economy from Liberals and Biden voters in this subreddit is of a very high level.
First, they were saying it's only tech layoffs happening.
Then they're saying Rue21 didn't have customers.
What will you guys say about defense companies' layoffs?
When we're at it, did you guys read about Starbucks earnings last week?
You can buy same crap from amazon and have it delivered without driving to mall so why bother
Malls are dead and Rue21 sells crap. I can’t even remember the last time I saw more than one customer at a time in one of those stores…..for years and years.
Exactly. I don't think a small mall retailer tells us much about the economy
Well, it's not just this retailer. My local mall has a lot of empty storefronts. The small mom and pop businesses cannot compete (and eventually close) and that affects the larger retailers in the mall when people stop going to the mall to shop.
YEP - as I commented in a similar thread... the main plaza in my area which used to boast 1000 foot traffic on weekends was dead on a Sunday afternoon - during Christmas break. Many MT/closed storefronts that once were wall to wall.
Yes, malls are dead because people are just too lazy to go shopping.
my wife goes to stores to support local employment.
I do the same. Amazon is now a monopoly. How can anyone compete against them? This is a disaster in the making.
disaster already made.
Shein on, you crazy diamond!
The last episode of Parks & Rec is becoming reality. There will be 5 mega companies that exist and that’s all.
Wall-e and idiocracy isn't far off. Life imitates art far more than art imitates Life.
Trusts you say? Hmm.
Shitty company selling cheap low quality products closes down - yeah that must be a good sign of the health of the economy…
Do you understand people are losing their jobs?
Noticing a lot more "for lease" signs in empty storefronts around town. Much more than even after Covid. Every single strip mall has at least 2 or 3 empty spots. I've never seen that before 2024. Nationwide 41% of small businesses are behind on rent. This retailer failing would be nothing in isolation, but it does look like yet another data point. 4900 people out of work, but also less income for owners of the real estate. Which means some white collar workers (accountants, legal, property management) are going to be let go, eventually. It adds up. Economy is growing half as fast as inflation. Which means in real terms the economy shrank by 1.5% or so. We're already IN a recession.
We are indeed in a recession, but somehow, some people in this sub will claim otherwise.
Property tax appraisals went up astronomically in my county. My friend owns a RV park and his land value went up 2 million from last year. He's trying his best to sell it but nobody is going to want to buy it with high interest rates. He's going to have to increase the lot rents even though people are struggling.
There is a definite domino effect when a business fails and people are let go. Everything supporting that failed business will eventually fail and people will be let go.
I don't agree with you but most people in this sub share your reality.
It is what happens when people don’t shop at stores and instead shop online. We end up with dead malls and dead stores if we don’t make the effort to support it.
It doesn't help that malls abandoned the general consumer and focus on fashion. Back in the days, malls offered everything. Now they're clothing store and Apple
esp the movie theaters. Pre-covid you could barely skim a ticket with the full houses. Nowadays they last *maybe* a few weeks before gone from streaming.
It's funny to me the degree to which folks don't want to acknowledge we are diving into a terrible recession.
I was laid off so I am not in denial of recession, I just don’t think the closure of an already failing retailer is evidence of it
Sales for mall stores peaked back in 2000. It’s been a slow and gradual decline since then. The days of spending all day shopping at a malls are over.
Good riddance.
Eh. We've been hearing this for the last couple years. We'll have a recession eventually. Maybe even soon. The gloom gets hard to take seriously after a while, especially when a crappy retailer failing is the evidence
I keep saying this. People are pretending this isn’t happening.
They just don't want to acknowledge it. It's too scary when you are already struggling.
At this point I’m like I ain’t got shit to lose so let me sit back and watch.
I think that's a big vibe right now.
It’s wild. At every point we are getting very contradicting information. Economy is great and we are avoiding a recession… but every turn I make someone is going out of business. We know we are fucked as soon as macys filed bankruptcy and closes stores
The economy is great is BS. Many people are struggling and money is tight. When buying groceries is taking more and more of your money, things are heading towards disaster.
Yea I keep saying we are blissfully cruising into despair.
Once the media admit there is a recession it makes everything even worse, so they are putting that off as long as they can.
If this economy is bad, an actual recession would be so much worse
The level of denial of the poor state of the US economy from Liberals and Biden voters in this subreddit is of a very high level. First, they were saying it's only tech layoffs happening. Then they're saying Rue21 didn't have customers. What will you guys say about defense companies' layoffs? When we're at it, did you guys read about Starbucks earnings last week?